SLFoC replaces direct sales with IFA network

Sun Life Financial of Canada (SLFoC) is to stop selling through its UK direct sales force and will launch a new, expanded IFA operation in the next few months. According to the company, the decision was taken in response to reduced margins and growing competition from larger companies. Although a consultation process has been initiated by employee representatives, the move means that only 300 of the company's 2,000-strong UK workforce will survive redundancy by 2003. Steve Melcher, UK managing director, said: "We came to the reluctant conclusion that maintaining a direct selling arm...